Nvidia’s Stock Price in 2028: A Bold Prediction You Can’t Ignore

Nvidia's stock has been a rocket ship—but where does it land in three years? We're slicing through the hype to map the trajectory.

The AI Gold Rush: Nvidia's Chips Are the New Pickaxes

With AI demand exploding, Nvidia's GPUs are the backbone of the revolution. No data centers, no large language models, no self-driving cars—period. That monopoly won't vanish overnight.

Supply Chain Roulette: Can They Keep Up?

TSMC's fab capacity is the bottleneck. If Nvidia secures enough silicon real estate, they print money. If not? Cue the 'chip shortage' reruns Wall Street loves to overreact to.

The Crypto Wildcard

Remember when crypto miners sent GPU prices to the moon? Another bull run could turn Nvidia cards into black-market currency again—just don't tell the ESG funds.

Prediction: $1,200 or Bust

Assuming no macroeconomic meltdown (looking at you, Fed), Nvidia's stock could triple by 2028. Or crash harder than a metaverse startup. Either way, grab popcorn—this'll be fun.

Closing jab: Hedge funds will 'discover' this thesis right after their positions are loaded.

Image source: Getty Images.

Data center growth is driving Nvidia's success

Nvidia makes graphics processing units (GPUs), computing hardware that specializes in processing arduous workloads. Originally, GPUs were intended for gaming graphics (thus the name), but they eventually found use cases beyond gaming, including engineering simulations, drug discovery, mining cryptocurrencies, and ultimately, processing AI workloads.

The biggest reason Nvidia has been such a successful investment is that it's one of the primary companies that is profiting from the massive AI arms race. While many of the big tech companies are investing billions of dollars in data centers to offer AI tools that may eventually generate revenue, Nvidia is a primary recipient of this investment.

While 2025 is shaping up to be a record year for data center spend, next year could be even bigger. Just look at whatsaid about 2026 capital expenditures:

While the infrastructure planning process remains highly dynamic, we currently expect another year of similarly significant capital expenditures dollar growth in 2026 as we continue aggressively pursuing opportunities to bring additional capacity online to meet the needs of our artificial intelligence efforts and business operations.

This quote clearly indicates that Meta is going to significantly exceed the $66 billion to $72 billion range it gave investors for 2025 capital expenditures in 2026. Many of the AI hyperscalers will likely deliver similar language as we approach 2026, and this bodes well for several companies, including Nvidia.

This data center growth backs up a projection that Nvidia gave during its 2025 GTC event. In 2024, a third party estimated that global data center capital expenditures were $400 billion. By 2028, it's expected to rise to $1 trillion. If that comes true, what can shareholders expect Nvidia's stock price to be in three years?

Nvidia's growth would take it to nearly $250 per share

In FY 2025 (which encompasses most of 2024), Nvidia's revenue totaled $115 billion. That indicates nearly 30% of the estimated data center spend went to Nvidia. To bake a little conservatism into our projection, let's estimate that Nvidia can capture 25% of the forecasted $1 trillion. This conservatism allows the overall data center buildout figure to be smaller and allows other technologies coming to market to eat into Nvidia's data center share.

That WOULD indicate that Nvidia would generate $250 billion in data center revenue alone, but Nvidia also has other parts of its business that it can benefit from. In FY 2025, Nvidia generated $131 billion in revenue, so there is still a sizable percentage of revenue that comes from non-data center sources. If we estimate that this remaining revenue grows at a 10% pace, its non-data center revenue would rise to $23 billion by 2028.

So, using these projections, Nvidia's revenue would total around $273 billion, up 84% from today's level. Depending on whether you think Nvidia's valuation is reasonable or not, its revenue growth could directly correlate to stock price growth.

However, I think it's a tad expensive. Currently, Nvidia's stock trades at nearly 60 times earnings. If that were to fall to 40 times earnings and if Nvidia can maintain a 55% profit margin (it only fell in Q1 due to the sizable write-off of its H20 chips), then Nvidia would produce $150 billion in profits. At 40 times earnings, that would give Nvidia a $6 trillion market cap, pricing the stock at just shy of $250 per share.

That's strong growth, and would make Nvidia a market-beating stock at that price. As a result, I'm still confident that Nvidia is a top stock to buy now.